The freshly-released details of Libya’s 2013 budget shed some light on how the North African state in transition will spend its money in the year ahead. Whilst the country saw a rapid rebound in oil production after 2011’s revolution, it has more recently appeared to be sliding into political turmoil and growing mob rule.
Budget Law 7 of 2013, signed on 20 March, estimates total net oil revenue at LD58.4bn ($46.3bn). The gross figure is LD61.5bn ($48.8bn), with the net numbers cutting 5%, or LD3.07bn ($2.4bn), from this to cover allocations for a number of debt obligations, including the repayment of LD1bn ($794mn) loan on behalf of the National Oil Company (see table). (CONTINUED - 873 WORDS)